COLUMBUS AND REYNOLDSBURG, OHIO — Lancaster Pollard has closed two refinancing loans totaling $5.5 million for multifamily properties in Ohio. Both properties were participating in the federal Low-Income Housing Tax Credit Program and have recently exited their initial 15-year credit period. Homeport Inc. was the borrower for both loans. In the first deal, Lancaster Pollard originated and underwrote a $3.5 million fixed-rate FHA loan for Pheasant Run Apartments, a 136-unit property located in Reynoldsburg. The FHA loan, which features a 35-year term, paid off existing debt and provided $1 million for repairs and renovations. In the second transaction, Lancaster Pollard originated and underwrote a $2 million fixed-rate Fannie Mae loan for Emerald Glen Apartments, a 130-unit complex in Columbus. The nine-year term financing paid off current debt and provided $350,000 for repairs and renovations. Both loans were paired with additional financing from the Ohio Housing Finance Agency.
BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the $4.4 million sale of Comfort Inn & Suites Black River Falls. The 75-room hotel was originally constructed in 1997 as a Holiday Inn Express & Suites. The property is located at W10170 Highway 54 E. in Black River Falls, approximately 53 miles southeast of Eau Claire. Amenities include a porte-cochère, indoor pool and whirlpool and meeting space. Jon Ruzicka of Marcus & Millichap listed the property on behalf of the seller, a limited liability company. Ruzicka also secured the buyer, a private investor.
BUFFALO, MINN. — Mid-America Real Estate has brokered the sale of Buffalo Crossing, a 19,753-square-foot retail property for $3.8 million. A local investment group acquired the property from an undisclosed seller. The shopping center is located in Buffalo, approximately 40 miles northwest of Minneapolis. Situated along Highway 55, Buffalo Crossroads is anchored by Jimmy John’s and Anytime Fitness. Mark Robinson of Mid-America represented the buyer in the transaction.
CLINTON TOWNSHIP, MICH. — FM Capital has acquired a $2.8 million non-performing loan that is secured by three K&S industrial buildings in Clinton Township, approximately 25 miles northeast of Detroit. The three facilities total 54,000 square feet and were constructed between 1989 and 2002.
PLAINFIELD, IND. — KeyBank has provided a $13.2 million Fannie Mae loan for an apartment complex in Plainfield, approximately 17 miles southwest of Indianapolis. Gladden Farms Apartments is a 220-unit affordable housing community that operates under the federal Low-Income Housing Tax Credit Program established by the Tax Reform Act of 1986. Gladden Harmony Housing LLC will use the loan proceeds to fund the acquisition and refinance the property.
BUCYRUS, OHIO — Regency Properties has acquired East Pointe Plaza, a 70,882-square-foot shopping center located in Bucyrus, approximately 65 miles north of Columbus, for an undisclosed price. The property is Regency’s first acquisition in Ohio. The center is currently 96 percent leased to tenants including Peebles, Dollar Tree and Hibbett Sports. The acquisition also includes two out-lots with road frontage available for future development.
ST. CHARLES, ILL. — Adelphia Properties has brokered the sale of a 4,350-square-foot retail building net leased to Gabby’s Kitchen for an undisclosed price. Geneva State Bank sold the property to a local independent restaurant operator. The second-generation freestanding building was built in 2010 and is located at 1650 W. Main St. in St. Charles, approximately 45 miles west of Chicago. George Spirrison and Simeon Spirrison of Adelphia Properties represented both parties in the transaction.
MILWAUKEE — Healthcare Business Insights (HBI) has signed a 24,016-square-foot office lease to occupy the entire 15th floor of 411 East Wisconsin Center, a 654,000-square-foot Class A office tower owned by Riverview Realty Partners. The lease brings the 30-story building to 89 percent occupancy. Riverview Realty Partners has completed a $15 million renovation that included an updated lobby, conference center, new elevators, a new HVAC systems and an upgraded parking structure. Tenants at the office building include Quarles & Brady LLP, von Briesen & Roper, Northwestern Mutual, Morgan Stanley, Wisconsin Athletic Club, PNC Bank and others.
LAKE FOREST, ILL. — Colliers International has arranged a 7,811-square-foot office lease in Lake Forest, approximately 35 miles northwest of Chicago. LifeWorking Enterprises signed a long-term lease for space at 717 N. Forest Ave. LifeWorking Enterprises will create a network of productivity and collaboration spaces in Chicago and its suburbs. The Lake Forest property is the venture’s first location. The mixed-use building is located in Lake Forest’s historic Market Square and consists of a two-story building with ground-floor retail. Dougal Jeppe of Colliers represented LikeWorking Enterprises in the transaction, and Chris Cummins and Jonathon Connor of Colliers represented the property owner, L3 Capital.
SAN ANTONIO AND CHICAGO — San Antonio-based USAA Real Estate Co. and HSA PrimeCare, a division of Chicago-based HSA Commercial Real Estate, have formed a joint venture to acquire and develop outpatient healthcare real estate assets across the Midwest. Along with the announcement, the joint venture also made its first acquisition, a 97,375-square-foot portfolio, for an undisclosed price. The three-property portfolio consists of the Advocate Christ Outpatient Center in Tinley Park, Ill., the Coffee Creek Medical Office Building in Chesterton, Ind. and the APAC Medical Plaza in Crown Point, Ind. The joint venture will acquire an array of medical buildings such as medical office buildings, cancer centers, ambulatory surgery centers, medical wellness centers and other specialty centers. HSA PrimeCare will provide investment analysis, development, leasing and property management services to the partnership.